Term or Perm? Which Life Insurance Should You Buy?

When you visit Alloy Insurance Partners, serving Dallas, TX, for life insurance, you will have a wide array of options. Some will suit your current situation better than others.

Term or Perm

The first big question to address – term or perm? – it centers around whether you want coverage for just a few years or a lifetime. At first, that might sound silly. Of course, you want life insurance until you pass away, so your family has protection.

Term Life Insurance

Typically, insurance agents recommend that, in your 20s, you choose term life insurance. This provides you with coverage for a term of 10-, 20-, or 30-years. Other terms exist, but they’re not typical for purchase. Term costs less in premiums but provides the same coverage as permanent or perm insurance.

Your agent will probably counsel you to invest the difference between the term policy premium and a permanent policy premium. They will tell you how much each would cost.

This saves you money when you’re young and unlikely to die. It also lets you free up funds to put into savings and investments.

Permanent Insurance

Permanent insurance costs more, so your agent will suggest you switch to it during your 30s or 40s. You’ll still obtain a low-cost premium since you’re buying in at a young age.

You can often lock in a premium rate as a 30-something that lasts you until a specific age or death. That means a lot since if you don’t shop around for life insurance, you can end up with expensive premiums that increase with your age. It’s better if your insurance costs are always the same or reduced as you age since people in retirement typically have a smaller income than they did when working.

Contact Us

Contact or visit Alloy Insurance Partners serving Dallas, TX for a life insurance policy that protects your family or another beneficiary by providing financial security.

When is a good time to review your life insurance?

Life insurance is not a one-and-done kind of insurance. You do not need the same amount and type of life insurance at every point in your life. What that means is reviewing the insurance from time to time. But when to review is the question. At Alloy Insurance Partners in Dallas, TX, we have 25 years of experience making sure we protect your assets and your family. 

Changes in your employment are a good time to review your life insurance. Will you be allowed to keep your employer-supplied life insurance if your employment terminates? If the answer is yes, what is the amount and type of insurance, and most importantly, what is the cost to continue it. It may end up being a bad deal and you will be better off replacing it with a new life insurance policy that you buy on your own.  

When you get married, it is time to talk to your insurance agent about any life insurance you have. You may want to change the beneficiary on your policy and depending on whether your spouse is self-supporting or dependent on your income for all or part of their support, you may need to review the amount of coverage you have. 

Once you have children, everything changes and you not only have to think about now but the future. They will be dependent on you for many years to come and if anything was to happen to you, you must provide for them until they are grown.  

Once the kids are grown and you retire, it is time to look at what life insurance you have and what you actually need in this phase of your life. It may be that you really don’t need any or a very minimal amount. 

Contact Alloy Insurance Partners in Dallas, TX when you are ready to review your life insurance coverage. 

Life Insurance Isn’t Just For The Elderly

Talking about life insurance isn’t something most people are comfortable with. It isn’t usually dinner conversation or over a drink at the bar. Most people avoid the thought of it altogether, but it really is too important not to discuss. At Alloy Insurance Partners in Dallas, TX, we have 25 years of experience providing the best products to our customers along with the level of service they have come to expect.  

If you think life insurance is just for the elderly you are very much mistaken. Hopefully, that will be your condition when your beneficiaries collect on your death benefit but in the meantime, there is a lot of life and planning to do. Planning that involves your life insurance should begin at as young an age as you can afford to make the investment. Once you have a full-time job, you may get some life insurance from your employer as a part of your benefits package. When you are young and healthy, life insurance is more affordable than when you get older and are perhaps not quite as healthy. 

One of the most important times to think about life insurance is when you get married and start a family. This is the time of your life when you have need of the protection offered by life insurance. Your children will be dependent on your support for as long as they are still in school, including college and even graduate school. It is important to make sure if anything should happen to you, they will be able to remain in the family home and maintain their lifestyle. 

After your children are grown and settled, your need for life insurance will decrease but perhaps not go away altogether. Life insurance needs can last a lifetime. 

Give Alloy Insurance Partners in Dallas, TX a call when you have life insurance needs. 

who is eligible to be my beneficiary in my life insurance policy?

When it comes to choosing a life insurance beneficiary, the thought of dying becomes fresh. We are forced to think about how our children and parents will live when we’re gone. Fortunately, life insurance makes sure that you give your dependents the best life you can afford in later years. If you are looking for life insurance in Dallas, TX, Alloy Insurance Partners have what you need and more. We help you get the best from your policy and even take you through the process, but there is a problem.

How do you choose and who is eligible to be your beneficiary? Well, this is a personal decision, so our only help is providing you with facts. Here is what you should know about life insurance beneficiary.

People prefer naming family members, but generally, everyone is eligible.

Anyone can qualify to be a beneficiary. Like we said, naming a beneficiary is a personal choice. This is the money you are leaving behind, so it is really up to you to decide who you want to benefit. Some insurance providers in Dallas, TX recommend choosing one or two family members, which is always the case with most life insurance policyholders. Many people buy insurance for the sake of their family members, thats why it makes sense to name one of the members as the sole beneficiary.

Primary and contingent beneficiaries

Life insurance comes with two types of beneficiaries; primary beneficiary and contingent beneficiary. The primary beneficiary is the person who gets the proceeds of the life insurance policy when the insured person dies. A contingent beneficiary, also known as a secondary beneficiary is the person who receives the proceeds if the primary beneficiary dies.

That means that you are allowed to choose two beneficiaries. The policies also allow you to amend the policy like changing the names without the consent of the beneficiaries. For instance, if the primary beneficiary dies before you, you can change and add the contingent beneficiary as the primary beneficiary and find another name to add as contingent.

For more information about beneficiaries, feel free to speak to us at Alloy Insurance Partners today.

What type of life insurance is right for me?

Anyone that is in the Dallas, TX area that would like to protect themselves and their loved ones needs to have proper insurance. One type of insurance that should be considered a necessity is life insurance, which will provide you with financial protection in the event you were to pass away untimely. When you are looking for a new life insurance policy, the two most common options are term and whole life. It is crucial to think of the benefits of each option when figuring out which is right for your situation.

Term Life Insurance

With a term life insurance policy, you are going to receive life insurance coverage for the entire period of the term as long as payments are made on time. There is a lot of flexibility when it comes to picking this form of insurance, which ensures you can get a policy that is right for you. Further, payments tend to be more affordable than whole life.

Whole Life Insurance

While a whole life insurance policy, you can expect to have higher monthly premiums. However, there are additional benefits. With a whole life policy, a portion of your insurance payments will be deposited into an account that will grow in value and can be liquidated. Due to this, a whole life insurance policy can also be considered a form of investment. 

If you are looking for a life insurance policy in the Dallas, TX area, you should call the team at the Alloy Insurance Partners. When you call Alloy Insurance Partners, you can learn a lot more about all of your life insurance options. The team of insurance professionals can help you get into a policy that provides you with the right type and level of life insurance coverage. 

When to Think About Getting Life Insurance

If you’re thinking about life insurance, then you should start researching it now. The sooner, the better. The best time to get life insurance is at birth, but since you’re unable to do it for yourself at that time, then you should look into it now. Alloy Insurance Partners in the Dallas, TX area can help you. We have agents with insurance experience, and we’re ready when you are.

What is Life Insurance?

Life insurance is a policy or contract between you and the insurance company. The insurance company will pay your beneficiaries a specific amount upon your death. In return, you pay monthly premiums to the company. The amount is based on the terms of your policy. It could be $100,000, $200,000, or more. It is also a one-time lump sum payment.

What Types of Life Insurance

Term-Life Insurance — Your premium payments remain the same for a specified period or term. Terms are usually set in 10-year increments. Starting at 10 or 20 years, terms can be extended once it ends. You can always convert it to a whole-life insurance plan or terminate the coverage altogether. The insurance company uses the life expectancy of the policyholder to determine the premium amounts. The person’s age and health also determine it.

Whole-Life Insurance — Provides lifetime coverage, which includes a cash-value payout along with the death benefit. The cash value is more like a savings account. If you pay more than the premium each month, then those funds will basically be set aside earning interest. 

Don’t be willing to let yourself go without life insurance any longer. If you’re in the Dallas, TX area, the agents at Alloy Insurance Partners can help you start the discussion about purchasing life insurance today.

Life Insurance is for Singles, Too

If you’re single with no dependents, you don’t need life insurance, right? Wrong! Singles can benefit just as much from life insurance as couples with children. Here are just a few ways a life insurance policy from Alloy Insurance Partners in Dallas, TX can benefit you as a single adult.

Pay Off Debts

If you have debts that you accrued with a business partner, family member or significant other, this individual would be responsible for paying off these debts if you were to suddenly pass on. This could put someone you care about under financial pressure. By taking out a life insurance policy and naming this individual as your beneficiary, he or she would have the funds to pay for your share of the debt, alleviating him or her of this burden.

Funeral Costs

Life insurance benefits can be used to pay for your funeral costs so your family doesn’t have to assume this responsibility in the event of your unexpected demise. 

Future Spouse and Family

You may be single now but what about the future? If you plan on getting married and having a family in the future, you can save money by purchasing a life policy now while you’re young and healthy. You’ll then have some protection in place for when you do get married and start your family. The cost of life insurance goes up as you get older.

Support for Aging Parents

If you’re supporting aging parents, benefits from a life insurance policy can continue to provide your parents with financial support after your demise. You can have peace of mind that your parents will be taken care of if you were to suddenly pass on. 

Learn more about the benefits of life insurance now and in the future by contacting Alloy Insurance Partners in Dallas, TX. 

At What Age Should You Begin To Consider Purchasing Life Insurance?

At some point in your life, you should consider purchasing a life insurance policy so you can protect your loved ones from financial burdens that can occur from an untimely passing. One of the most common questions people ask is what age you should begin shopping for life insurance. Anyone who has a family should consider making this important insurance policy purchase, as well as people who have a substantial amount of bills and assets. In general, anyone over the age of thirty may want to consider this critical coverage. 

Shopping For Life Insurance

Shopping for life insurance should be a priority for anyone who has a family or children on the way. It should also be important to anyone who has a substantial amount of items that are assessed for taxes and require maintenance and long term upkeep. If you pass away, you will leave these responsibilities to your loved ones, which can create a significant financial burden. Avoid these issues by being proactive and shopping for a life insurance policy that will protect them in the future. If you live in or around the Dallas, TX area, you should consult with Alloy Insurance Partners to help you get the right amount of coverage. Get personalized service that can help prevent debt and trouble covering future expenses related to funerals, property, education, and more. 

Don’t leave your loved one’s financial future at risk. Residents living near Dallas, TX should call or stop by Alloy Insurance Partners to get more information about life insurance coverage as well as answers to any questions about coverage. Leave peace of mind at a time when it will be needed the most.